Research article

**

An Influence of Corporate Governance on Environment Disclosures of Listed Companies in the Stock Exchange of Thailand Sireenat Naklerd and Muttanachai Suttipun Pages 1 - 37    Download PDF  Article preview Cite Abstract This study’s objectives are to investigate the extent and level of environmental disclosures on annual reports of listed companies in the Stock Exchange of Thailand, and to examine the relationship between corporate governance and the level of environmental disclosures. Population used in this study is listed companies in the Stock Exchange of Thailand. 80 firms are used as the samples in the study. Descriptive analysis, and multiple regression model are used to analyze the data. As the results, the most common environmental disclosures are biodiversity following by emissions, wastewater, and waste. On the other hand, topic of environmental spending and investment is the less common disclosures on Thai annual reports. During period being studied, there is an increase of environmental disclosures. Moreover, there is a positive relationship between size of committee, proportion of independent committee, type of industry and the level of environmental disclosures Keywords: Corporate governance, and environmental disclosures
**

Dynamic Conditional Correlation between the Real Estate and the Stock Market in Thailand Anutchanat Jaroenjitrkam and Chaiyuth Padungsaksawasdi Pages 38 - 57    Download PDF  Article preview Cite Abstract With different data frequency and data source from prior major studies, we do not find any long-term relationship between the real estate market and the stock index performance in Thailand, contrasting to other prior well-known findings. In general, low correlation coefficients between the real estate and stock markets prevail. Moreover, the dynamic conditional correlation shows negative correlations between townhouse and stock indices, as well as condominium and stock indices. This suggests a potential of good hedging instruments for portfolio diversification. Keywords: house price, real estate, stock market index, dynamic conditional correlation
**

Consumers’ Attitude, Intention and Buying Behavior toward Organic Foods Pittawat Ueasangkomsate Pages 58 - 83    Download PDF  Article preview Cite Abstract This research aims to study and to understand Thai consumers’ perspective including attitude, intention and buying behavior toward organic foods. The study applied online questionnaires to collect data from 437 respondents in Thailand. For data analysis, the research used descriptive statistics and factor analysis. In addition, hypothesis testing used a linear regression analysis. The results found that 1) Consumers’ attitude toward organic foods could represent with 3 factors including safety and health factor, environment and animal welfare factor, and local origin factor 2) Environment and animal welfare factor impacts on the intention to buy organic foods at the most following by safety and health factor and local origin factor 3) Intention to buy organic foods has positively impacted on buying behavior of organic foods. For testing individual factors by t-test and one-way ANOVA, it expressed that knowing of organic foods impacts on intention to buy and buying behavior toward organic foods. While willingness to pay for organic foods from respondents is 27% more comparing to conventional foods. The results of this research could apply to plan and to promote consumption of organic foods domestically which by encourage people to have knowledge about attitude towards organic foods with 3 factors throughout public relations from related institutions. This is to increase the intention and behavior of buying organic foods. Furthermore, pricing, expanding of distribution channels, and providing organic foods that meet the market will support higher demand of organic foods and also pressures to farmers, producers and distributors in order to expand organic farming area and increase distribution channels under principle and guidance of country development sustainably.
**

The Key Management Questions that Lead to Data Requirement for Doing Business in AEC Chackrit Duangphastra, Wachara Chantatub and Somkiat Leelataweewud Pages 87 - 106    Download PDF  Article preview Cite Abstract Thailand’s private and public sectors are required to adjust to deal with more liberal trade and investment under ASEAN Economic Community. Executives from various industries have different requirement for data to make use of ASEAN Economic Community. Focus group with industrial experts was used in this study to gain data in demand from business side. Researchers employed content analysis and established two sets of key questions for executives regarding data needed to do business in ASEAN Economic Community comprising macro data and industrial data which categorized into twelve sub sectors as designated by ASEAN as economic priority sectors. The study discovered that no organization in Thailand collected and analyzed such macro and industrial data required to do business in ASEAN. Thailand thus must establish center providing business intelligent for executives to operate in each ASEAN member country successfully. Keywords: Key Questions, ASEAN Economic Community, Executive, Data
**

Earnings Management, Corporate Governance and Insider Trading: Evidence from Thailand Suntharee Lhaopadchan, Pornanong Budsaratragoon and David Hillier Pages 107 - 156    Download PDF  Article preview Cite Abstract Empirical evidence for developed countries has shown that corporate governance has the capacity to constrain earnings management. However, because of endemic informational inefficiency in emerging markets, earnings management may actually be one of the mechanisms used to improve the quality of information. Using Thai regulatory reforms of corporate governance over the period of 2002-2011, this paper investigates whether corporate governance leads to greater earnings management in emerging markets. The findings from two-stage least squares show that corporate governance characteristics such as a board with directors having accounting or financial expertise, splitting the role of Chairman/CEO and family owners are associated with lower levels of earnings management, whereas larger boards and a higher proportion of non-executive directors are positively associated with earnings management. In addition, we find that a hedge portfolio based on insider trading conditioned on earnings management provides positive returns. However, once returns are adjusted for risk, there is no evidence of abnormal performance suggesting that efficient price formation in Thailand. The findings contribute to the debate on the efficacy of corporate governance in emerging markets. The policy implications of our study are that corporate governance can enhance the informational quality of earnings. Keywords: Corporate Governance; Earnings Management; Emerging Markets; Insider Trading; Information asymmetry; Thailand.